Tag: National Price Monitoring Committee

  • Price Monitoring Committee responds to alarming spike in food prices

    Price Monitoring Committee responds to alarming spike in food prices

    In response to the surge in food prices, the Food and Industries Departments of Punjab, Sindh, and KP have jointly implemented robust monitoring measures, including heavy fines, surprise raids, and the sealing of establishments engaging in price gouging.

    The Caretaker Minister for Planning, Development, and Special Initiatives, Muhammad Sami Saeed, led a crucial meeting of the National Price Monitoring Committee (NPMC) on Tuesday.

    The committee convened to assess the prices of essential commodities amid the current economic challenges.

    As of the week ending on January 11, 2024, the Chief Statistician, PBS, presented a comprehensive overview of the country’s price situation.

    The report revealed a 1.4 per cent increase in the SPI over the previous week (WoW) and a significant 44.2 per cent surge over the corresponding week of the previous year.

    The spike in SPI was primarily attributed to the increased prices of perishable items such as tomatoes and onions, as well as poultry products like chicken and eggs.

    Out of the 21 monitored items, prices for 21 increased, 8 decreased, and 22 remained stable. Noteworthy declines were observed in the prices of potatoes, vegetable ghee, and sugar.

    During the meeting, the minister inquired about the measures taken by provincial governments and ICT to bridge the gap between wholesale and retail prices.

    Representatives from the provincial Food and Industries Departments of Punjab, Sindh, and KP assured strict monitoring through the imposition of heavy fines, surprise raids, and the sealing of shops involved in overcharging.

    Despite challenges in the supply of perishable items due to extreme weather conditions, the meeting underscored the importance of addressing climate change.

    The administration of Punjab is actively working on controlling prices by sensitising Deputy Commissioners across the province.

  • Minister urges officials to use PBS monitoring app for ensuring price stability across provinces 

    Minister urges officials to use PBS monitoring app for ensuring price stability across provinces 

    In a bid to ensure consistent prices across provinces, Muhammad Sami Saeed, the Caretaker Minister for Planning, urged Deputy Commissioners and Assistant Commissioners on Tuesday to rigorously utilise the Decision Support System (DSS) app developed by the Pakistan Bureau of Statistics (PBS) for effective price monitoring. 

    According to a press release issued today, Muhammad Sami Saeed chaired a meeting of the National Price Monitoring Committee (NPMC) in Islamabad.  

    The gathering focused on essential aspects such as the prices and supply of essential commodities, the margin between wholesale and retail prices, and the availability of necessary items. 

    During the meeting, the Chief Statistician from PBS presented the price movements of 51 essential items collected from the markets in 17 cities.  

    Minister Saeed stressed the importance of maintaining price stability across provinces and urged participants to oversee the supply of essential items, available stock levels, and pricing mechanisms. 

    Highlighting the critical role of administrative oversight and monitoring, Minister Saeed emphasised the need for vigilance in ensuring price stability.  

    The meeting also explored the potential utilization of remote sensing technology provided by SUPARCO to enhance monitoring of cropped areas and predict the supply situation of essential food items in the provinces. 

    Encouraging the exploration and implementation of remote sensing capabilities, the minister aimed to strengthen monitoring and oversight capacities.  

    He underscored the importance of continued vigilance and proactive measures to address fluctuations in commodity prices and ensure a smooth supply chain. 

    Representatives from the Ministry of Industries and Commerce, utility stores, and provincial governments attended the meeting, signifying a collaborative effort to maintain stability in commodity prices.